The fintech announced U.S. and non-U.S. customers alike would soon be able to use bitcoin as collateral to invest in real estate.
Real estate fintech Milo will launch the first U.S. bitcoin mortgage offering, enabling customers to leverage their BTC holdings to purchase properties in the country, the company said in a statement Tuesday.
Instead of selling bitcoin for a down payment to qualify for a mortgage, Milo now lets Americans and foreigners use their bitcoin stack as collateral for purchasing real estate in the U.S.
“Milo’s clients will be able to pledge their Bitcoin to purchase property and finally qualify for a low-interest rate 30-year crypto mortgage,” per the statement. “This solution will allow clients to continue to own their bitcoin and diversify into real estate, all while keeping the potential price appreciation of both. Clients will be able to finance 100% of their purchase with no dollar down payments required and do this faster than a conventional mortgage.”
The company said it has been developing the new offering since last year and anticipates it to be available to most applicants early this year as there is currently a large waiting list for the bitcoin mortgage.
“There are countless stories of people buying property with bitcoin proceeds only to see it increase in value and be worth millions more,” said Josip Rupena, Milo founder and CEO. “With our new crypto mortgage, we can expand our offerings to consumers that were previously denied by other banking firms just for having crypto. We have an opportunity to make sure that doesn’t happen anymore and their bitcoin wealth can now help them buy a property.”
Miami Mayor Francis Suarez, a proponent and holder of bitcoin, also commented on Milo’s new offering, saying in the statement that the bitcoin mortgage is a “groundbreaking achievement” for advancing U.S. dominance in the Bitcoin ecosystem. “To become the Capital of Capital, Miami needs companies like Milo who are willing to innovate and ideate,” he added.